There are futurists who have been saying that the U.S. is racing towards a jobless economy – one characterized by cashier free stores, driverless trucks, and financial professionals powered by artificial intelligence. Perhaps, but right now, America is home to many employment opportunities. Last month, the U.S. unemployment rate dipped to four point 6 percent, well below the 5.8 percent average that has been recorded since 1948.
As reported by Bloomberg, the number of unemployed people per job opening is down to just 1.4 from a high approaching seven in July of 2009. According to a recent survey conducted by the National Federal of Independent Business, 31 percent of small businesses report that they cannot fill jobs. Still, there were times when unemployment was even lower.
During the early 1950s, the unemployment rate dipped below 3 percent. And average hourly earnings have still only expanded 2.4 percent over the past year, in part due to ongoing competition from foreign workers. Despite the only moderate growth in worker earnings, U.S. labor market strength helped persuade the Federal Reserve to raise short-term interest rates roughly two weeks ago.
